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Ukrainian PM announces $1.49 billion World Bank aid package
By Ishika Dangayach - Jun 08, 2022, 05:15 AM ET
Last Updated - Mar 01, 2024, 12:28 PM EST
This round of funding is backed by financial guarantees from the UK, Netherlands, Lithuania, and Latvia
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Ukraine's Prime Minister Denys Shmyhal says the World Bank, has granted an additional $1.49 billion in financial assistance for his nation to help pay social workers and public personnel.
“Recovery & victory will be the victory of democracy & whole civilized world,” Shmyhal tweeted on Wednesday.
This increased funding is part of the World Bank's total support package of more than $4 billion, which is an increase from the previously expected $3 billion. Almost $2 billion of this financing has already been distributed.
“The World Bank Group is providing continuing support for Ukraine and its people in the face of the ongoing war,” said World Bank Group President David Malpass, in a statement.
According to the World Bank, the latest round of funding for Ukraine is backed by financial guarantees from the United Kingdom, the Netherlands, Lithuania, and Latvia.
Parallel funding from Italy and contributions from a new Multi-Donor Trust Fund are also supporting the project.
Since Ukraine joined the World Bank in 1992, the bank has committed almost $16 billion to the nation through approximately 90 projects and initiatives.
Picture Credits: Reuters
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